WASHINGTON – Proposed legislation to alter Chile’s private pension system would harm the nation’s retirement savers and put international free trade agreements at risk, American Council of Life Insurers (ACLI) President & CEO David Chavern said today in a letter to the Chilean government.

“Chile has built a well-earned reputation as a reliable partner committed to honoring international treaties, including the U.S.-Chile Free Trade Agreement,” Chavern said. “However, the proposed pension reform not only undermines those commitments but also creates unfair advantages for new market entrants at the expense of U.S. investors, threatening Chile's standing as a trusted and stable destination for foreign investment. As the Trump Administration begins its broad review of trade agreements, it's important that these actions and their implications are fully understood by U.S. leaders.”

Chavern’s letter is available in English and Spanish.

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 275 member companies represent 93 percent of industry assets in the United States.

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